According to the reports, Republic of Ecuador will launch its official
cryptocurrency in October this year. As its legislation has already been
approved by the President Correa’s government last month, there would
be no hassles in implementing this project. A monetary organization is
also planned on papers for now, which will subsequently be regulating
the yet-to-be-named coin. Most importantly, the coin will be backed by
“liquid assets”, like oil.
The Ecuador’s Central Bank, Banco Central del Ecuador, has shied away from providing any more information regarding the upcoming launch. An earlier statement from National Assembly however is enough to fill the space, which says: “Electronic money will stimulate the economy. It will be possible to attract more Ecuadorian citizens, especially those who do not have checking or savings accounts and credit cards alone.”
The Ecuador’s Central Bank, Banco Central del Ecuador, has shied away from providing any more information regarding the upcoming launch. An earlier statement from National Assembly however is enough to fill the space, which says: “Electronic money will stimulate the economy. It will be possible to attract more Ecuadorian citizens, especially those who do not have checking or savings accounts and credit cards alone.”
